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Winato Auto has helped in to various brands PKP Brand, Join Elevate Now, BANSAL AUTO STORE, Nav Durga Creation

LivemintLivemint · 7m ago
Winato Auto has helped in to various brands PKP Brand, Join Elevate Now, BANSAL AUTO STORE, Nav Durga Creation
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Triblem, a platform based on the official WhatsApp Business API, is partnering with various businesses to leverage the application programming interface (API) and enhance customer relationships. Companies such as Winato Auto, PKP Brand, Join Elevate Now, BANSAL AUTO STORE, Nav Durga Creation, Globe Communication, RG International, Cash Flow Prime, DigiScaler - Website Development Company, Indian Academy of Stock Market, and CP Real Estate have recently formed collaborations with Triblem. The WhatsApp Cloud API developer tool, hosted by Meta's infrastructure, offers a cloud-based version of the WhatsApp Business API to attract smaller businesses. Click-to-message advertisements are used by many advertisers worldwide, routing users to engage with businesses through messaging products.

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Binny Bansal invests $20 Mn in e-comm OS startup ShopOS

EntrackrEntrackr · 20d ago
Binny Bansal invests $20 Mn in e-comm OS startup ShopOS
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Binny Bansal invests $20 Mn in e-comm OS startup ShopOS Bengaluru-based e-commerce tech startup ShopOS has raised $20 million in a funding round led by 3STATE Ventures, the investment firm founded by Flipkart co-founder Binny Bansal. The fresh capital will be used to scale product development, expand its engineering team, and onboard more e-commerce brands across global markets, ShopOS said in a press release. ShopOS is developing an AI-powered platform to help brands easily build and manage online stores. It uses an “AI workforce” to automatically create content like product descriptions, images, and videos, adjust store layouts for each visitor in real time, and run targeted marketing campaigns. The startup was founded by Sai Krishna V K and Ajay P V, who earlier co-founded Scapic, a tech platform acquired by Flipkart in 2020. After the acquisition, they helped launch Flipkart Labs, focusing on deep tech and AI in commerce. They are joined by Karan Sonawala, who previously led AI and immersive commerce projects at Flipkart. “The friction in content creation and personalization are significant drags on growth. Our previous startup journey taught us the importance of solving hard problems, and with ShopOS, we are focused on delivering what AI agents can truly do for brands. We are building from India for the globe and with this funding milestone, we wish to tap into the smartest AI minds in India to build the future of Commerce,” said the co-founders in a joint statement. ShopOS is targeting a global customer base with early adopters already onboarded in India, Europe, and the UAE.

GaragePlug acquires review management platform Freshreview

EntrackrEntrackr · 4m ago
GaragePlug acquires review management platform Freshreview
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Automotive service platform GaragePlug has acquired review management platform Freshreview for an undisclosed amount. With this acquisition, Freshreview easily integrates into GaragePlug’s connected operations platform, streamlining auto service operations, marketing, and reputation management. GaragePlug empowers enterprise service networks with its connected operations platform and enhances efficiency, transparency, and scalability for service centers through its AI-centric approach. Freshreview helps automotive brands convert online reviews into strategic growth levers. Freshreview’s entire team will join GaragePlug’s engineering and product divisions, ensuring a smooth transition for clients. Auto service centers will gain a fully integrated platform that unites operations, marketing, and advanced reputation management, enhancing customer satisfaction and revenue.

Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures

EntrackrEntrackr · 7m ago
Blitz raises Rs 51 Cr in Series A round led by IvyCap Ventures
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Blitz (previously Grow Simplee), a same-day delivery platform for omnichannel sellers, has raised Rs 51 crore in its Series A round led by IvyCap Ventures. Existing investors India Quotient and Alteria capital along with notable angels, including Ramesh Bafna of Zepto, Siddharth from Snitch, and Bestseller CEO Vinit Gautam, Amitabh Suri CEO Arvind Fashion have also participated in the round along with existing angel investors. Earlier in July last year, Blitz had raised $3 million in its seed round from India Quotient, Better Capital, First Cheque, and Titan Capital. The proceeds will be used to enhance its 60-minute delivery infrastructure and expand its dark store network across India’s major 20 cities. Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz connects brands and consumers with 60-minute deliveries from local stores and same-day shipments from urban warehouses. Its dark store model is set to become a key logistics asset for e-commerce players aiming to offer fast, reliable deliveries. Sellers can predict and store inventory near their customers in Blitz’s dark stores, offer 4-hour delivery to buyers, and fulfill all orders on the same day. The startup claims to have helped its clients with a 29% increase in business growth while reducing Return-to-Origin (RTO) rates by 40%. Blitz is operational in 10 cities including Bengaluru, Delhi, NCR, Mumbai, Hyderabad, Jaipur, Chandigarh, and Pune.

Quick fashion delivery startup KNOT raises $3 Mn led by Kae Capital

EntrackrEntrackr · 18h ago
Quick fashion delivery startup KNOT raises $3 Mn led by Kae Capital
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Quick fashion delivery startup KNOT raises $3 Mn led by Kae Capital Mumbai-based quick commerce fashion platform KNOT has raised $3 million in a pre-Series A round led by Kae Capital with participation from Sparrow Capital, Boundless Ventures LLP, and founders of SNITCH, The Souled Store, and Bonkers Corner. Existing investors WEH Ventures, All In Capital, and Kumar Saurabh (Aukera Jewellery) also backed the round. The new funding will fuel product development, expansion beyond Mumbai, and deepen brand partnerships. Founded in 2025 by Archit Nanda and Rachit Bansal, KNOT is reimagining online fashion delivery with its 60-minute delivery model and Try ‘n Buy experience in Mumbai. The idea was born after the duo pivoted from their earlier venture Slick, spotting a major gap in how Gen Z and millennials discover and shop for fashion. KNOT currently claims to have partnered with over 70 fashion brands, fulfilling thousands of orders monthly. Its standout features include AI-based virtual try-ons, doorstep trials with instant returns, and influencer-led discovery. In the same space, ZILO secured $4.5 million in seed funding led by Info Edge Ventures and Chiratae Ventures, last month. Fashion delivery startup Slikk also secured $10 million in funding. Myntra, which launched rapid apparel delivery in December 2024, has now extended the service to additional cities.

AI powering VerSe Innovation's growth across digital media landscape

EntrackrEntrackr · 2m ago
AI powering VerSe Innovation's growth across digital media landscape
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News All Stories AI powering VerSe Innovation's growth across digital media landscape VerSe Innovation’s AI ecosystem is reshaping content, advertising, and creator platforms, led by NexVerse.ai — its AI-driven AdTech engine boosting ad efficiency and brand impact at scale. Kunal Manchanada 26 Apr 2025 16:35 IST Follow Us New Update VerSe Innovation reaches millions of users across India’s linguistic landscape through Dailyhunt, Josh and Oneindia. The company has integrated AI-driven systems across the content ecosystem, including recommendation engines at Bharat scale and generative AI applications to improve accessibility, engagement, and monetization. VerSe Innovation’s AI ecosystem is driving transformation across content, advertising, and creator-led platforms. At the forefront is NexVerse.ai, VerSe’s AI-powered programmatic AdTech engine, which is already enhancing ad efficiency and brand outcomes at scale. “We leverage deep learning models to analyze real-time user interactions, optimizing ad selection, placement, and pricing. Our AI-powered content-ad matching system ensures that s reach the right audience, significantly boosting engagement and performance,” said Umang Bedi, co-founder and CEO of Verse Innovation. Beyond advertising, VerSe’s AI-driven content intelligence is revolutionizing digital news consumption. Dailyhunt Premium, a subscription-first premium content platform powered by Magzter, caters to India’s evolving digital readership. At Magzter, we use visual AI models to extract articles from several of its newspaper and magazine content and convert them into ezRead, a mobile-friendly format,” outlined Bedi. For Dailyhunt’s Xpresso, its short news format, VerSe leverages multimodal generative AI to automate content understanding and creation. According to Bedi, these AI systems assist both internal teams and external creators in identifying, curating, and generating short news cards, web stories, and other bite-sized formats that are timely, relevant, and engaging. “These innovations not only enhance user engagement but also elevate the overall content experience,” he said. VerSe’s AI capabilities also extend to content creation tools such as WISE, an AI-driven authoring and marketing platform that assists with headline generation, AI-based imagery, and social media content creation. VerSe is also expanding into AI-powered audio, video, and conversational formats. Josh Audio Stories offer immersive, narrative-driven content in multiple Indian languages across genres such as drama, romance, thrillers, horror, and fantasy. “AI plays a key role in scripting, voice modulation, and personalization, enabling the creation of high-quality audio experiences at scale,” added Bedi. The Dream Call feature enables users to engage in live, personalized conversations with creators. AI plays a crucial role in enhancing the experience by helping screen and match users with relevant creators, ensuring smoother interactions and maintaining quality and safety standards. This offering has quickly gained traction and is emerging as a significant revenue driver. Finally, VerSe Collab serves as a full-stack influencer marketplace, enabling India’s top consumer brands to manage creator campaigns with precision and scale. It offers access to a self-serve dashboard, connects brands to a network of over 100,000 creators and celebrities, and leverages AI to streamline campaign ideation, rollout strategies, and performance tracking—making it a powerful engine for influencer-led marketing in India. “By embedding intelligent systems across its platforms, we’re not only enhancing user experiences but also creating sustainable value for creators, advertisers, and consumers alike. Our expansion into automated content generation and conversational AI signals a broader shift toward scalable, data-driven media operations,” emphasized Bedi. As VerSe refines its AI capabilities, it looks to strengthen its role in India’s digital ecosystem, ensuring real-time, relevant content delivery across languages and user demographics. With continuous advancements, the company is positioning itself at the forefront of AI-powered media innovation, shaping the future of digital information and interaction.

Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23

EntrackrEntrackr · 1y ago
Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23
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Eyewear retailer Lenskart raised $600 million from the Abu Dhabi Investment Authority and ChrysCapital in March-June 2023. The staggering funding appears to have been drawn by its outstanding financial performance in the fiscal year ending March 2023. While the firm’s scale grew over 2.5X, it also cut losses by 37% during FY23. Lenskart’s revenue from operations soared to Rs 3,788 crore in FY23 from Rs 1,502 crore in FY22, its consolidated financial statements filed with the Registrar of Companies (RoC) show. Lenskart primarily generated revenue from the sale of eyewear and its collections from India formed 59% of its total revenue. The remaining income was derived from international operations in countries such as Singapore, Dubai, the US, and Southeast Asia. The Delhi-based firm also made Rs 140 crore from interest and other miscellaneous sources (non-operating) which pushed its total income to Rs 3,928 crore in FY23 from Rs 1,618 crore in FY22. For the eyewear retailer, the cost of procurement of lenses and frames accounted for 34% of the overall expenditure. This cost spiked 2.28X to Rs 1,369 crore in FY23 from Rs 599 crore in FY22. The firm’s expense on employee benefits, rent, advertising, commissions, incentives, legal, traveling, and other overheads took its overall expenditure to Rs 4,025 crore in FY23 from Rs 1,726 crore in FY22. See TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 1726 Cr https://thekredible.com/company/lenskart/financials View Full Data To access complete data, visithttps://thekredible.com/company/lenskart/financials Total ₹ 4025 Cr https://thekredible.com/company/lenskart/financials View Full Data To access complete data, visithttps://thekredible.com/company/lenskart/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Telephone and Electricity Telephone and Electricity Information technology Information technology Travelling conveyance Travelling conveyance Legal professional Legal professional Advertising promotional Advertising promotional Commission & incentive Commission & incentive Rent Rent Others To check complete Expense Breakdown visit thekredible.com View full data The decent scale and controlled expenditure helped Lenskart to reduce its losses by 37.3% to Rs 64 crore in FY23 from Rs 102 crore in FY22. Its ROCE and EBITDA margins stood at 0.24% and 11.1% respectively. On a unit level, it spent Rs 1.06 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 0% 11.1% Expense/₹ of Op Revenue ₹1.15 ₹1.06 ROCE -2% 0% Lenskart has raised over $1.6 billion to date and was last valued at $4.5 billion in its last fundraise of $100 million in June last year. According to the startup data intelligence platform TheKredible, Softbank is the largest external stakeholder followed by Premji Invest and Kedaara Capital. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 2.8X in FY23. As per recent media reports, Lenskart may raise $200 million more from Temasek and Fidelity through a secondary round that will push its valuation to $5 billion. According to its founder and chief executive Peyush Bansal, the company is looking to acquire land near Bengaluru airport to set up a mega factory. Now harvesting the fruits of all the efforts of previous years, Lenskart certainly looks set to raise the funding it wants at the price it seeks. The firm has built one of the strongest startup brands across categories, a moat that seemingly is getting stronger each year. With losses nominal, there is no doubt that founder Bansal, is aware that going for growth is a safe bet for the firm, with profitability no longer a major issue for investors. Strong execution by the management team has seen the firm actually deliver on its promise to disrupt the eyewear market. As it seeks a foothold in overseas markets with their promise of higher margins, you don’t need glasses to see that the firm has a real shot to be the next big decacorn from India as early as 2026-27.

Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation

EntrackrEntrackr · 1m ago
Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation
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Exclusive: Snitch to raise Rs 280 Cr in Series B round at Rs 2,500 Cr valuation D2C menswear fashion brand Snitch is set to raise Rs 278.93 crore or $33 million, led by 360 One Asset Management Fund with the participation of existing investors SWC Global and IvyCap Ventures. This will be the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The Snitch’s board passed a special resolution to approve the issue of 1,755 Series B CCPS at an issue price of Rs 15,89,385 to raise Rs 278.9 crore or approximately $33 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. 360 One will spearhead the round with Rs 220 crore or $25.9 million, while existing backers SWC Global and IvyCap Ventures will contribute with Rs 29.4 crore or $3.5 million respectively. As per Entrackr’s estimates, Snitch will be valued at around Rs 2,400-2500 crore or $294 million post-allotment, marking a nearly 5X spike in its valuation from Rs 500 crore in its previous round. Snitch, founded in 2019 by Siddharth Dungarwal, is a direct-to-consumer (D2C) fashion brand specializing in fast fashion for men. The company offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. As of now, Snitch has established 58 physical stores across India, with a presence in major cities such as Bengaluru, Mumbai, Delhi, and locations in Gujarat, among others. The company claims to open over 100 offline stores across India by 2028. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. According to startup data intelligence platform TheKredible, IvyCap Ventures and SWC Global are the largest external shareholders, holding 10.39% and 10.17% stakes respectively, while new investor 360 One will hold a 9.67% stake in the company. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25. Snitch operates in a competitive D2C fashion landscape, going head-to-head with brands like The Souled Store, which achieved profitability in FY24. It also competes with Rare Rabbit, which recently secured $6 million in funding from A91 Partners, and Wrogn, which raised $9 million in October last year from Aditya Birla Digital Fashion.

Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses

EntrackrEntrackr · 5m ago
Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses
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Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses Hyperlocal retail platform Magicpin demonstrated notable financial results, scaling nearly three-fold during the last fiscal year, which ended in March 2024. Moreover, the Gurugram-based firm managed to control its losses by 25% in the same period. Magicpin’s revenue from operations surged 2.92X year-on-year to Rs 870 crore in FY24 from Rs 297 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Magicpin, a hyperlocal retail platform, has partnered with over 500 brands and 20,000 fashion stores across India. The sale of vouchers contributed 92% of its total operating revenue, making it the primary revenue source for the Lightspeed-backed firm. Additional revenue came from commissions and ONDC subsidies. The company earned an additional Rs 9.6 crore from interest on deposits and investment gains, bringing its total income to Rs 880 crore in the last fiscal year from Rs 315 crore in FY23. Magicpin has launched MagicFleet, an AI-powered SaaS platform that onboarded over 40,000 riders in its first four months and now processes more than 3,00,000 orders per month. The company plans to expand this to 1,00,000 riders and 1 million deliveries. It introduced magicNow, a feature designed to meet the increasing demand for fast deliveries. For the reward platform firm, the procurement of vouchers was the largest cost center, forming 80.7% of the overall expenditure. To the tune of scale, this cost grew 3X to Rs 776 crore in FY24 from Rs 253 crore in FY23. The firm managed to keep its employee benefits flat and its advertising cost was reduced by 15% in the previous fiscal. Its delivery charges, technology, server, payment gateway, legal, and other overheads pushed the total expenditure to Rs 961 crore in FY24. The three-fold surge in scale coupled with controlled expenditure helped Magicpin to reduce its losses by 25% to Rs 78 crore in FY24. Its ROCE and EBITDA margins stood at -49.7% and -8.67%, respectively. Magicpin’s cost efficiency improved, with Rs 1.10 spent to earn a rupee in FY24. At the end of the last fiscal year, its total current assets stood at 196 crore with the cash and bank balance of Rs 50 crore. We excluded ESOP costs from the loss calculation as they are non-cash expenses. Magicpin reported that FY 2024 was a transformative year, establishing itself as India’s largest hyperlocal startup, the third-largest food delivery app, and the largest seller app on ONDC for delivery, according to CFO Chunky Shah. Magicpin has grown without raising external funds in the past two fiscal years. In November 2021, it secured $60 million in a Series D round, with Zomato investing $50 million for a 16% stake. According to TheKredible, Lightspeed is the largest stakeholder, holding a 34% stake in the firm. Launched well after the first startup rush into ecomm but early enough to avoid some of the worst excesses, Magicpin has done well to outlast many of its peers since it started in 2015. Leaving it well placed to take advantage in a market that has evolved considerably, and no longer demands the kind of burn rates we saw till about 2020. As a leader in the ONDC space, Magicpin has gained a strategic advantage and appears well-positioned to leverage new opportunities. The company, often seen as a quiet performer, may still have more surprises in store.

Funding and acquisitions in Indian startup this week [09 - 14 Sep]

EntrackrEntrackr · 10m ago
Funding and acquisitions in Indian startup this week [09 - 14 Sep]
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During the week, 24 Indian startups raised around $228.79 million in funding. These deals count 6 growth-stage deals and 13 early-stage deals while 5 startups kept their transaction details undisclosed. During the last week, 26 early and growth-stage startups cumulatively raised $421.29 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $182.65 million in funding this week. Mobile advertising network software InMobi spearheaded a $100 million debt funding round. MSMEs-focused fintech lender FlexiLoans raised $35 million followed by, employee healthcare platform Onsurity, spiritual tech startup AppsForBharat, consumer lending platform Moneyview, and HRtech platform HROne with $21 million, $18 million, $4.65 million, and $4 million in funding, respectively. Moneyview also joined the unicorn club following the fresh capital. One growth-stage startup that did not disclose the transaction details is Transcell Biologics. [Early-stage deals] Further, 13 early-stage startups secured funding worth $46.14 million during the week. Wealthtech startup Centricity led the list followed by D2C home decor and lifestyle brand Nestasia, AI reality intelligence platform Track3D, biotech-driven material R&D startup Dharaksha Ecosolutions, and sales outreach platform Futwork among others. As many as 4 startups that did not disclose the funding amount raised are; Trisu, Leezu’s, Fitday, and Agilitas Sports. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 8 deals followed by Delhi-NCR, Mumbai, Hyderabad, and Kolkata. Segment-wise, E-commerce startups are on the top spot with 5 deals. Fintech, Healthtech, Cleantech, HRtech, Adtech, and AI startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 9 deals followed by 4 Series A, 3 pre-seed, 2 pre-Series A, 2 Series B, 1 debt deal, and more. [Week-on-week funding trend] On a weekly basis, startup funding slipped 45.7% to $228.79 million as compared to around $421.29 million raised during the previous week. The average funding in the last eight weeks stands at around $331.70 million with 26 deals per week. [Fund launches] Three new funds launched this week to invest in startups. Playbook Partners has raised over $130 million for its growth capital fund. Proparco has invested $5 million in Omnivore’s third fund focused on agritech and climate sustainability. Arka Investment Advisory Services has launched its second alternative investment fund, focusing on real estate opportunities in India. [Key hirings and departures] Sudharshan Sharma, formerly with Google, joined CarDekho as a CBO for the auto business. Meanwhile, Cleartrip’s CBO Prahlad Krishnamurthi, and the CFOs of InCred (Vivek Bansal) and TAC Infosec (Vishal Jain) resigned from their respective companies. [Mergers and Acquisitions] Nazara Technologies, a prominent gaming company, made two major acquisitions. This includes a controlling stake in Moonshine Technology, the parent company of PokerBaazi, for a substantial sum of Rs 982 crore ($100 million) and a 15.86% stake in Stan, a blockchain-based e-sports fan engagement startup, for $2.2 million. GoKwik, an e-commerce enabler, acquired Return Prime, a global returns management app. Additionally, Moneyview, a digital lender, acquired Jify.co, an early salary/on-demand salary service provider. Yudiz Solutions, a listed blockchain and IT development startup expanded its offerings by acquiring a majority stake in ABCM App, a Mumbai-based digital payment solutions company. The acquisition was valued at Rs 6.14 crore. [Shutdown] InsurStaq.ai, a Delhi NCR-based startup developing generative AI solutions for the insurance industry, has shut down its operations. Despite a year of development and collaboration with insurance professionals, the company faced challenges that ultimately led to this decision. This news comes amidst a period of growth for the generative AI sector in India. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] IBV and FedTech unveil Indo-US launchpad to boost Indian startups D2C Insider launches Cohort-3 for early-stage D2C brands Zomato launches developer platform for PoS partners [Potential Deals] Slice set to raise over $35 Mn in funding via convertible debt Finova Capital to raise Rs 800 Cr funding Flipkart’s Super.money plans to raise external funds [Financial results this week] Virat Kohli-backed WROGN’s revenue dips 29% in FY24 Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46% NPCI posts Rs 2,876 Cr revenue and Rs 1,134 Cr profits in FY24 [News flash this week] Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent Govt. exempts overseas startups from NCLT clearance for reverse flipping Kotak downgrades Nykaa to ‘Sell’, cuts fair value amid concerns Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares Swiggy to raise Rs 5,000 Cr via fresh issue, to file DRHP soon MobiKwik Xtra suspends ‘anytime withdrawals’; draws flak from users Aditya Birla Finance accuses BYJU’S resolution professional over alleged fraud Delhivery accuses Ecom Express of misinformation in DRHP Pravin Jadhav-led Dhan storms into top 10 stock broking apps Accel announces fourth cohort of the pre-seed investment program, Atoms Pixxel becomes the first Indian space startup to secure a NASA contract DroneAcharya share surges 20% on BSE, hits upper-circuit After Bengaluru, Flipkart Minutes goes live in Gurugram Ather Energy to manufacture electric motorcycle [Conclusion] The weekly funding shrank around 46% to $228.79 million this week. Meanwhile, three startup-focused funds launched this week namely Playbook Partners, Omnivore, and Arka. Peak XV, Stellaris Ventures, Sofina Ventures, and Fireside Ventures collectively sold shares worth Rs 1,600 crore in Honasa Consumer Limited, the parent company of MamaEarth. Kotak Institutional Equities downgraded Nykaa, a leading beauty and fashion e-commerce company, citing concerns about rising fulfillment costs and potential margin pressure. This highlights the challenges faced by e-commerce companies in maintaining profitability amidst increasing competition and operational complexities. Ather Energy, an electric two-wheeler firm, filed its DRHP for an IPO, marking the second such listing in the EV sector. Swiggy, a food delivery and quick commerce company, also planning to file the DRHP soon and is set to raise Rs 5,000 crore via a fresh issue. MobiKwik’s Xtra investors faced withdrawal issues due to changes in the withdrawal policy by its lending partner Lendbox. This was triggered by recent RBI regulations on P2P lending. MobiKwik clarified that withdrawals will be made on a monthly basis and assured customers of receiving their principal and interest.

Funding and acquisitions in Indian startup this week [27 May-01 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [27 May-01 Jun]
Medial

As many as 39 Indian startups raised around $387.23 million in funding this week. These deals count 13 growth-stage deals and 20 early-stage deals. Moreover, six early-stage startups kept their transaction details undisclosed. In the previous week, about 24 early and growth-stage startups cumulatively raised close to $444 million capital. [Growth-stage deals] Among the growth-stage deals, 13 startups raised $309.7 million in funding this week. Auto parts and powertrain controls manufacturing firm SEDEMAC led the list with its $100 million secondary and primary funding followed by B2B and retail outlets (D2R) firm in the construction material Infra.Market with $50 million, EV company Ather Energy with $34.5 million in debt and equity funding. Commercial electric vehicle manufacturer Euler Motors, building materials firm RDC Concrete, pharmaceutical product development company Orbicular Pharmaceutical, and B2B delivery and shared mobility startup Zypp Electric are next on the list among others. [Early-stage deals] Subsequently, 20 early-stage startups secured funding worth $77.53 million during the week. D2C sports apparel maker Technosport spearheaded the list followed by fast fashion omnichannel ethnic wear brand Libas, digital lending and card management platform Vegapay, Commercial EV distribution and financing platform Turno, and robot automation solutions provider DiFACTO among others. The list of early-stage startups also includes six startups that kept the funding amount undisclosed: Yali Aerospace, Solinas, TechEagle, Aprecomm, Devigere, and Kidbea. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 15 deals followed by Delhi-NCR, Mumbai, Hyderabad, Pune, Chennai, Jaipur, and Thanjavur. Segment-wise, e-commerce, fintech, and EV startups grabbed the top 3 spots with nine, six, and five deals respectively. This list was followed by foodtech, SaaS, agritech, cleantech, and, dronetech startups. [Series-wise deals] During the week, Seed funding deals led the list with 8 deals followed by 7 Series A and 6 Pre-Seed deals. Pre-Series A and Series B startups saw 5 and 3 deals, respectively while Debt, Series C, and Series B are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding shrank nearly 13% to $387 million as compared to around $444 million raised during the previous week. The average funding in the last eight weeks stands at around $289 million with 28 deals per week. [Key hirings and departure] Among key hirings, Vikaram Agarwal has been appointed as COO by InCred, Paytm Insider appointed Varun Khare as COO, while Anil Mehta has been appointed as the Independent Director by Yubi (CredAvenue). Puneet Kumar also joined Nexus Venture Partners as a venture partner. Meanwhile, Cashaa Founder Kumar Gaurav stepped down as CEO and Paytm’s CHRO Swati Rustagi reportedly quit the company and is likely to join Adobe. [Fund launches] The week also witnessed seven fund launches. 360 ONE Asset introduced a Rs 4,000 crore Secondaries Fund to invest in late-stage startups, while Avendus launched a Rs 3,000 crore fund for similar investments in financial services, technology, and healthcare. Sorin Investments closed its maiden fund at Rs 1,350 crore, focusing on tech. RPSG Capital Ventures and Sauce VC raised Rs 550 crore and Rs 250 crore, respectively, for early-stage consumer ventures. Holani Consultants marked the first close of its maiden venture capital fund at Rs 184 crore. Additionally, the Massive Earth Foundation, in collaboration with UNEP, launched the fourth edition of the Low Carbon Earth Accelerator program. [M&A] Y Combinator-backed BNPL fintech startup BharatX has acquired Zenifi, a healthcare finance startup offering zero-cost and low-cost EMI solutions. Honasa Consumer Ltd, the parent company of brands like Mamaearth, the Derma Co, and BBLUNT, has acquired the assets of Thane-based skincare company CosmoGenesis Labs to enhance its R&D and manufacturing capabilities. Additionally, Times Network has acquired Digit.in from 9.9 Group to expand its digital publishing portfolio and footprint in the technology and gaming sectors. [ESOP buyback] Enterprise SaaS firm AiDash has launched its first Employee Stock Ownership Plan (ESOP) buyback program following its $58.5 million Series C funding round, bringing its total fundraising to $91.5 million. This buyback scheme targets full-time employees with over three years of tenure, allowing them to capitalize on the value of their vested shares. [Potential market moves] Atlys, an online visa application platform, is in early discussions to raise $15-18 million in a Series B round, a year after its Series A fundraise. Backers include Peak XV and others. Meanwhile, Bengaluru-based healthtech startup Medibuddy is raising $8.4 million in debt funding from investors like Innoven Capital and Alteria Capital. Additionally, Amazon is reportedly close to acquiring MX Player from Times Internet. This marks Amazon’s second attempt at acquiring the video streaming platform, with a term sheet already offered. Previous talks in 2023 fell through, but the current negotiations are in the late stages. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Flipkart-owned Shopsy forays into kids’ space Razorpay launches ‘Q-Zap’ to reduce billing time at offline stores BluSmart rolls out an app to help users locate nearby EV charging stations [Financial results this week] Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46% Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24 Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24 Oziva records flat growth under Hindustan Unilever in FY24 [News flash this week] Karnataka HC maintains a 5% service charge cap on app-based autos BharatPe and PhonePe settle all trademark disputes over the ‘Pe’ suffix Zomato revives lending biz, in talks with NBFCs for merchant lending Proptech firm Awfis’ stock list at a 14% premium PhonePe ventures into secured lending space, partners with banks, NBFCs [Conclusion] The weekly funding surged 85% to $444 million, driven mainly by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. Additionally, the week saw the launch of five new funds: IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Awfis Space Solutions debuted on the exchanges on Thursday, listing at Rs 435 per share on NSE, a 13.6% premium over its issue price of Rs 383. Before the listing, the company’s shares had a grey market premium (GMP) of Rs 125. The issue received a strong response from investors, with an overall subscription of over 100 times. Zomato is in talks with several non-banking financial companies to offer working capital loans to its partner restaurants, marking a return to lending services. As an LSP (loan service provider), Zomato will facilitate loans from its partners to potential borrowers and manage the collection of repayments. Meanwhile, PhonePe has introduced secured lending products on its platform in collaboration with banks, NBFCs, and other fintech firms. Customers can access lending solutions in six major categories through the PhonePe app. The company has partnered with 15 NBFCs and fintechs for this initiative. Additionally, Classplus, an edtech SaaS startup based in Delhi NCR, has launched its first engineering college, Polaris School of Technology (PST), in Bengaluru. PST will offer a four-year BTech program focused on classroom learning and industry experience, providing students with access to top global tech companies for internships and exposure.

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